Best Short Term Loans | 5 Best Online Short Term Loan Rates in 2021


When the house needs an overhaul, your car needs a new gearbox, and your child needs some extra money to go on a school field trip, where do you find the extra money? Your budget is stretched, payday feels like it’s a year away, and the awkwardness of asking your parents or siblings for a loan is just too overwhelming. Now what? Short terms loans online are the answer! But, of course, you don’t want to get into crippling debt, and you won’t if you take out a short-term loan that’s designed to be of a small amount and repaid over a short period.

What sets short term loans apart from traditional bank loans is that they are quick and easy to achieve and come with an interest rate ranging from 5.99% to 35.99%. They’re designed to be repaid over 2 to 24 months, and while they are cheap short term loans, you can borrow between $100 and $5,000 in most instances (this varies from lender to lender).

Are short term payday loans right for you? Short term loans are ideal for the following people:

  • Bad credit borrowers
  • Borrowers with no credit
  • People who want to rebuild their credit
  • Unemployed or self-employed individuals
  • People on benefits
  • Students
  • Individuals who need cash in a hurry (no time to wait)
  • Absolutely anyone who doesn’t want to deal with the hassle of traditional bank loans

If you’ve established that short term loans are ideal for you, you might not know where to start looking for a lender. Do you approach direct lenders individually or turn to a broker to aid you in the selection process? This short term loans guide will help you make an educated decision. In the following sections, you will discover the top five short-term lenders in the US in 2021. We will cover what short term loans are, how to qualify for them, and the common uses of short term loans. You will also get a detailed review of each of the top lenders in the US short term loans industry. Let’s get started.

#1 Short Term Loan in 2021 – Credit Clock


5 Best Short Term Loans in 2021 – Quick Pick

  • Credit Clock – Best overall short term loans provider. Visit Now.
  • Money Lender Squad – Best for bad credit and no credit borrowers. Visit Now.
  • Very Merry Loans – Best for quick applications and speedy deposits. Visit now.
  • Viva Payday Loans – Best for unemployed and self-employed loans. Visit Now.
  • Heart Paydays – Best for same day disbursement. Visit Now.

What are Short Term Loans?

Short term loans online are a type of loan provided to an individual for the purpose of temporary personal capital or business capital. A lump sum is provided to the borrower, who then repays the principal amount with interest over a set period. The lender and borrower will agree on how much is repaid each month and on what date. Typically, lenders will set up an automatic direct debit on your bank account to ensure that the payment goes through each month on time.

Short term payday loans are called “short term” because of how quickly the loan period comes to an end. Most short term loans are repaid in less than a year, but some are run as long as 24 months. Some short term loans can be as much as $100,000, but most short term loans online range between $100 and $5,000, and these are usually paid back over one to two years.

How to Qualify for Short Term Loans (Eligibility Criteria)

If you’re in the market for a cheap short term loan, you’re probably wondering how you can secure one. There are certain qualifying criteria that direct lenders will require in order to give the go-ahead on your short term loan request. While each lender has its own set of requirements, you can expect most to stipulate the following:

  • US citizen with a Social Security Number
  • 18 years of age, at least
  • Earn a minimum of $1,000 per month
  • Have an active US bank account
  • Provide proof of employment/income
  • Have proof of address
  • Show affordability of the loan (through income vs. expenses assessment)

Common Uses of Short Term Loans

Direct lenders won’t quiz you on what you plan to spend the money on, but as a point of reference, the following scenarios are what most people use short term loans for. Of course, you can use your short term loan for anything you wish!

Home Renovations & Improvement

Need to tile the bathroom or repair the window your kids broke last week? Perhaps your home needs a new lick of paint or mold treatment? Short term payday loans can ensure that you can cover the costs of necessary home renovations and overhauls.

Further Education

Whether you’re trying to populate your CV or learn a new valuable skill, studying can be expensive. Short term loans online are designed to be affordable and quick to repay, which means that you can choose a course, complete it, and pay off your loan simultaneously. With interest rates with short term lenders in the US ranging from 5.99% to 35.99%, there’s bound to be a direct lender willing to fund your studies and a loan offer that you can afford.

Unexpected Expenses and Emergencies

You just can’t plan for some things in life. How could you possibly know that your child would break his arm or your car would break down on the way to work? Much the same, you may have no clue that you would contract an illness that will cost you in terms of treatment. Cheap short term loans make it possible to get the money together quickly to pay for expenses that crop up without forewarning. Short term loans online typically pay out immediately or on the very next business day, which means you can get money in a hurry – as there’s really no time to waste when emergencies come knocking!

Improving Credit History

Nothing is worse than the uncomfortable fear that takes over when a store or credit provider says, “We’re just going to do a quick credit check.” Unfortunately, with traditional bank loans and with most store accounts, getting credit comes with a catch. And that catch is a good credit score requirement. The beauty of cheap short term loans is that they’re cheap, yes, but also that they don’t discriminate against you simply because of your rough financial past. That means that you can get short term loans even if you have bad credit and then use your stellar account management to boost your credit score. If you do this several times, your credit report will show positive feedback, which means you’re on the road to a better credit score!

Best Short Term Loans Fully Reviewed

1. Credit Clock – Best Overall Short Term Loans Provider

CreditClock.Net is our top pick because it impressed with its quick and easy processes and array of specialized direct lenders on its panel.

  • Useful loan amounts ($100 to $5,000)
  • Flexible loan terms
  • Extra fast approval and disbursement
  • Bad credit borrowers welcome

Credit Clock is not your average loans brokerage. Instead, this company makes it their mission to offer everyday Americans access to cheap short term loans, regardless of their financial status. Credit Clock can assist whether you’re a low earner, bad credit borrower, want no checks on your credit, or simply don’t want to deal with traditional banks.

Credit Clock, as a brokerage, doesn’t charge the borrower anything for their services. Instead, they connect borrowers with direct lenders willing and most likely to approve their loan requests. When searching for short term loans near me, you may find that Credit Clock offers one of the most user-friendly and quick, and easy application processes around.

Unlike short term loans of bygone eras, Credit Clock ensures that the entire loan process can be carried out online and at the borrower’s convenience. The application form will take you less than five minutes to complete, and the approval process takes even less. Expect a decision in just two minutes after applying, and the cash paid out within the hour. In some instances, the wait can be a little longer but rarely longer than 24 hours.

The trick to a quick and easy short term payday loans process with Credit Clock is to ensure you can actually afford the installments of the loan amount you’re requesting and to have all of the supporting documents on hand when you apply.

One of the greatest perks of dealing with Credit Clock is that they don’t emphasize your credit score. In fact, there’s no credit check involved in the application, and no guarantor is required either. This is because the lenders on the Credit Clock panel are more concerned with affordability than your financial history. They aim to determine if you can pay the requested loan amount, and they ascertain this by comparing your income (your bank statements and pay stubs) with your regular monthly expenses.

With short term loans from Credit Clock, there’s no risk of borrowing way more than you need. You can expect to loan any amount up to $5,000 with Credit Clock and be offered an interest rate of no higher than $35.99%. Even so, it’s important not to apply for the maximum amount if you only need a few hundred dollars, or you may find yourself stuck in a cycle of debt.

When it comes to repaying the loan, Credit Clock’s associated panel of lenders makes it easy! All cheap short term loans are finalized with the lender who is providing the money. This means you can come to an agreement with the lender regarding the repayment term and amount. With 2 to 24 months to pay, it’s possible to choose a repayment schedule that fits in with your lifestyle. Most direct lenders offer weekly, fortnightly, and monthly repayment frequencies.

Loan Amount Range APR Rate Loan Term Range Star Rating
$100 – $5,000 5.99% – 35.99% 2 – 24 Months *****


  • Flexible loan amounts ($100 – $5,000)
  • Flexible repayment between 2 and 24 months
  • Select repayment frequency that suits your lifestyle
  • Extremely fast approval and disbursement


  • Not available in Arkansas, Connecticut, New Hampshire, New York, Montana, South Dakota, Vermont, West Virginia, Indiana, and Minnesota

Credit Clock is a lender that emphasizes speedy payouts and respectful treatment of borrowers. There’s no credit check involved in the application process, and you will find the online system one of the easiest to use. There’s no need for the company to keep you updated on the progress of your application because the entire process takes just a few minutes. You can get the cheap short term loans you need on the same day you apply for them!

2. Money Lender Squad – Best for Bad Credit and No Credit Borrowers

Money Lender Squad is one for the books, especially for those who have bad credit or no credit at all. They’re quick, efficient, and prioritize matching borrowers with direct lenders most likely to approve their loan request.

  • Application takes just minutes
  • Wide array of direct lenders readily available
  • No credit check

If you’re facing financial hiccups and don’t know what to do, Money Lender Squad will be more than willing to come to your rescue with some of the best cheap short term loans available in the US. It’s important to note that Money Lender Squad is not a lender but rather a brokerage. Why would you use a brokerage? Well, instead of applying for short term loans near me with each individual lender and taking the risk of multiple hard credit checks being carried out against your name, you can save yourself the time, effort, and stress by using a brokerage.

Money Lender Squad charges absolutely no fees to the borrower, and they do you a favor by linking you to the short term loans providers who are more likely to pay your loan out. Another perk is that Money Lender Squad only deals with reputable and vetted direct lenders, which means you can rest assured that you won’t be scammed along the way.

One of the most impressive things about Money Lender Squad is that they don’t discriminate against borrowers. If you meet the basic requirements and can prove you can afford the repayments, there’s every reason to believe they will find you eligible for their short term loans online. Even if you have bad credit or no credit at all, and even if you’re unemployed, Money Lender Squad can assist. Applications are approved based on your current earnings compared to your regular monthly expenses. If your budget and supporting documents show that you can afford the loan – you’re considered a good match.

If you’ve spent time on other short term loans platforms and received automated rejections based on your poor credit score, there’s no need to fear that it will happen again. What’s more, is that Money Lender Squad won’t interfere with your application. They will simply present you with your options and link you directly to the lender that can help you.

While each lender has its own packages and deals on offer, you will find that most offering short term loans online via the Money Lender Squad website offer between $100 and $5,000 with up to 24 months to pay and interest rates below 35.99%.

Loan Amount Range APR Rate Loan Term Range Star Rating
$100 – $5,000 5.99% – 35.99% 2 – 24 Months *****


  • Credit scores don’t impact loan outcomes
  • Lenders known to help bad credit borrowers
  • Up to 24 months to pay


  • Lenders have different terms and APRs

Nothing in life is guaranteed, except for the quick and easy process and affordability of short term payday loans at Money lender Squad. This particular brokerage site will put you in touch with some of the country’s leading lenders and ensure that you’re offered some of the most competitive rates and deals on the market. If you have bad credit or no credit, Money Lender Squad’s cheap short term loans can help you rebuild credit and get back on the financially sound track!

3. Very Merry Loans – Best for Quick Applications and Speedy Deposits

Very Merry Loans has a great reputation for providing the best cheap short term loans online. The company provides a fast turnaround, competitive APRs, and has a customer support service that’s second to none.

  • Two-minute loan approval process
  • Same day loan disbursement
  • Great support services
  • Flexible loan amounts

Very Merry Loans is a cheap short term loans finder service that prioritizes quick and easy processes and payouts like no other broker site. From the moment you start the application process until you receive an outcome on your loan requests is just a few minutes. After completing the simple online form and clicking the “Submit” button, you will wait just two minutes to receive a decision! If a lender can help you and you’re happy to take the next step, you will be transferred to their site to finalize the details. This is where you will sign your contract and wait around an hour (in some instances, 24 hours) to receive the cash. The lenders on the Very Merry Loans panel are focused on fast turnarounds on loan requests.

Even if you have bad credit or no credit at all, you’re guaranteed a chance at getting short term loans with Very Merry Loans. To ensure the fastest possible payout, make sure that you familiarize yourself with the eligibility requirements and have all the documents handy when you start the application process.

With short term payday loans from Very Merry Loans, you can pay for many things, from the smallest expense to even the larger ones. The company offers short term loans ranging from $100 to $5,000 with interest rates varying from one lender to the next, between 5.99% and 35.99%. Of course, you get between 2 and 24 months to pay. When applying for a loan, it is best to be realistic in the requested amount because direct lenders will undoubtedly carry out an affordability assessment to see if you can afford it. You may be rejected or offered a lower loan amount to consider if you have asked for a loan amount that the lender deems ill affordable to you.

Loan Amount Range APR Rate Loan Term Range Star Rating
$100 – $5,000 5.99% – 35.99% 2 – 24 Months *****


  • Two-minute approval process
  • Same day payout
  • Flexible loan amounts and terms
  • Bad credit borrowers welcome

If you need cash in a hurry and don’t have time to waste, Verry Merry Loans is your best bet. The company focuses on quick and easy application processes, a two-minute approval period, and same day payout. In terms of speedy short term loans processes, Very Merry Loans comes out on top!

4. Viva Payday Loans – Best for Unemployed and Self-employed Loans

Viva Payday Loans is a shining light at the end of the tunnel for those who have struggled to get approval for short term loans simply because they’re not traditionally employed. If you don’t have an employer and no pay stub to show, Viva Payday Loans can still link you up with direct lenders likely to pay out your loan request.

  • Unemployed applicants welcome
  • Self-employed applicants welcome
  • No discrimination against bad credit borrowers
  • Loans of $100 to $5,000
  • Simple and fast online loan process

Without formal employment, getting short term loans can be tough, but not when you have a brokerage like Viva Payday Loans on your side. Viva Payday Loans offers cheap short term loans to self-employed or unemployed people, as long as you can prove that you have a regular, alternative income stream. It’s important to note that Viva Payday Loans doesn’t offer loans but matches direct lenders with borrowers, thus increasing your chances of loan approval.

Not having a pay stub doesn’t mean that you should avoid applying for short term loans online. There are other ways to make money, and the lenders that work with Viva Payday Loans understand that. You are still eligible for a loan if you earn a minimum of $1,000 per month, whether from rental income, an allowance, a trust, dividends, freelance work, or similar. The direct lenders on Viva Payday Loan’s panel accept all forms of income when approving short term payday loans.

Much the same as most other cheap short term loans providers online, Viva Payday Loans offers loan amounts of between $100 and $5,000 with 2 to 24 months to pay and interest rates ranging from 5.99% to 35.99%.

To get access to cheap payday loans, simply complete the convenient online application. You will find out if you’re accepted for a loan in a matter of minutes. Then, should you wish to continue, you will be transferred to the lender’s site, where you will nail down the finer details of your loan, such as the loan term, interest rate, and the amount you can borrow.

You will be pleasantly surprised that there is no guarantor required and no credit check either. The entire process is undeniably quick and easy. And best of all, bad credit borrowers are most welcome to apply as the lenders are more interested in loan affordability than the financial hiccups you had in the past. If your income vs. expenses assessment shows you can afford the loan, you’re well on your way to a short term loans approval!

Loan Amount Range APR Rate Loan Term Range Star Rating
$100 – $5,000 5.99% – 35.99% 2 – 24 Months *****


  • Alternative income forms accepted
  • No guarantor required
  • No credit check
  • Same day payout


  • Minimum income of $1,000 per month

Whether you’re self-employed, retired, studying and working part time or have other reasons for not having a traditional job, it doesn’t matter. At Viva Payday Loans, what matters is proving that you receive no less than $1,000 per month in order to be eligible for a loan, regardless of how you earn that. If you’re looking for the simplest way to borrow money online, short term loans online via Viva Payday Loans should be on the very top of your list.

5. Heart Paydays – Best for Same Day Disbursement

Heart Paydays is a platform that ensures you get the funding to afford the things close to your heart! The website works well – it’s super simple to navigate. And before you know it, you will be just a few clicks away from getting approved for cheap short term loans online.

  • Lightning-fast approvals
  • Intuitive easy-to-use website
  • Data security guaranteed
  • Affordable loan amounts

If you’re looking for a safe and secure way to get short term loans online, Heart Paydays is a great option. This loan matching platform places great importance on protecting its clients’ data and ensuring that every lender on its panel is reliable, reputable, and ethical.

The beauty of using Heart Paydays is that you input your particulars once, and the platform presents the direct lenders able to assist you. The process is quick and convenient, no doubt, but in addition to that, there’s no credit check involved and absolutely no guarantor required, even if you have bad credit or no credit history.

When dealing with Heart Paydays there’s no middle-man involved, and you get to finalize the details of any short term loans you take out with the lender. This makes your loan contract simpler and easier to understand.

You will find the Heart Paydays short term payday loans application form simple to complete. You can input your personal particulars, how much you wish to borrow, the intended repayment period, and your banking particulars in just a few minutes. Clicking the “submit” button gets the loan process actioned, and in just two minutes, a decision will be presented to you. If all goes according to plan and you have all the required supporting documentation, you can have the money you need in your account on the very same day – it’s really that fast.

Direct lenders working with Heart Paydays offer cheap short term loans of between $100 and $5,000 and have interest rates that vary from 5.99% to 35.99%. Most lenders on the platform offer lower rates in an attempt to remain competitive. While most lenders pay out within 60 minutes, some may take a little longer. In general, all loans are paid out on the same day!

Loan Amount Range APR Rate Loan Term Range Star Rating
$100 – $5,000 5.99% – 35.99% 2 – 24 Months *****


  • Fast application turnaround
  • Extremely user-friendly website
  • Data security ensured
  • Flexible loan amounts and repayment terms
  • Lenders keep interest rates competitive


  • No concurrent loans allowed – one loan at a time only

When it comes to finding a provider of cheap short term loans online, Heart Paydays ticks all the boxes. The system is quick and easy, loans are paid out on the same day, and you can select the loan amount between $100 and $5,000 and pick a repayment schedule that suits your lifestyle.

Types of Short Term Loans

Bad Credit Short Term Loans

Bad credit loans are provided to individuals with a less than perfect credit score. You may have a poor credit history because you went bankrupt, missed payments on a previous loan, tend to be a late payer, or simply mismanaged your accounts in the past. With cheap short term loans, your credit history is not important. Lenders want to see if you can afford the loan now – and that’s what their decision will be based on.

Get a Bad Credit Short Term loan here >

Good Credit Short Term Loans Online

If you have good credit, short term loans online will be easier to achieve. With good credit you may be able to borrow a higher amount and you may enjoy a lower interest rate and easier terms too. Of course, borrowers with good credit require no guarantor too.

Get a Good Credit Short Term loan here >

Short Term Loans From Direct Lenders

When taking out short term loans, you need to know that you’re working directly with the lender. Short term loans with direct lenders mean there is no middle man. A broker isn’t a middle man if they only match you with the credit provider. In the case of all of the abovementioned sites, they are brokers that put you in direct contact with lenders – no middle man at all!

Get a Direct Lenders Short Term loan here >

Short Term Loans for Veterans

Veteran short term loans or VA loans are mortgage loans provided by means of the US Department of Veteran Affairs.  If you are a veteran and get this type of loan, you will be allowed to purchase a home with little to no down payment and without the requirement for mortgage insurance. Short term loans offered to veterans also come with competitive interest rates attached.

Get a Veterans Short Term loan here >

Short Term Loans for Unemployed Individuals

Unemployed individuals often lose out because they think they cannot get cheap short term loans without a pay stub. With direct lenders realizing that there are several ways to earn a regular income alternative to traditional employment, more unemployed loans are being offered. If you earn at least $1,000 per month from another form of income, you are eligible for a short term loan for unemployed individuals!

Get a Unemployed Short Term loan here >

Short Term Loans with Guarantors

While you need no guarantor for short term loans, you may find that you need one if you wish to loan more than you can afford. Short term loan providers will scrutinize your income vs. expenditure each month and determine affordability. If you don’t pass the affordability assessment, you can always ask a trusted friend or family member to sign as a guarantor for you. When a guarantor co-signs a loan with you, it means that they will be personally responsible for the loan repayments if you default on the loan. All of the abovementioned sites can assist you with guarantor short term loans.

Get a Guarantors Short Term loan here >

Short Term Loans No Guarantors

Short term loans no guarantor are offered to individuals who earn at least $1,000 and meet the minimum eligibility requirements. No guarantor is required if you can prove that you can afford the installments of your requested loan.

Get a Short Term loan No Guarantors here >

Low Interest Short Term Loans

Low interest short term loans are made possible when direct lenders choose to lower their interest rates in order to remain competitive. In the US, most short term lenders offer interest rates between 5.99% and 35.99%. It’s best to shop around to find a loan offer that has an affordable interest rate attached.

High Interest Short Term Loans

Most short term loans with high interest rates are loans provided to a high-risk borrower. Some lenders will request the full maximum allowable interest rate of 35.99%. Still, if you shop around, you will find that several short term lenders are willing to offer lower interests, making loans more accessible to everyday Americans.

Get a High Interest Short Term loan here >

States Where Cheap Short Term Loans are Available

Cash Loans Available In Cash Loans Unavailable In
  • Alabama
  • Alaska
  • Arizona
  • California
  • Colorado
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming
  • Arkansas
  • Connecticut
  • New Hampshire
  • New York
  • Montana
  • South Dakota
  • Vermont
  • West Virginia
  • Indiana
  • Minnesota


Advantages of Short Term Loans Online

Complete the Entire Process Online

With latest fintech, there’s no reason to leave your home to apply for short term payday loans. Everything from the application form to the final disbursement of funds can be effectively handled online. Better yet, the online application and approval process takes just a few minutes.

Flexible Loan Amounts & Repayment Terms

Gone are the days where you could borrow just a few hundred dollars online. Now, you can borrow anything from $100 to $5,000 and get up to 24 months to pay!

Same Day Payouts

With short term loans online, you can expect to get the funds you need paid into your bank account on the very same day you applied! Of course, you need to have all your supporting documentation handy and ensure that you apply early in the day. Most direct lenders don’t take more than 24 hours to disburse funds.

Disadvantages of Short Term Loans Online


Unfortunately, the cost of convenience and exceptionally fast turnarounds is the expense! While loan matching sites don’t charge, the direct lender will attach a hefty interest rate to your account. This can range anywhere between 5.99% and 35.99%.

How to Get Short Term Loans

Below are the steps to follow if you want to get short term loans online:

Step 1: Visit an Online Loans Provider – Credit Clock

Simply visit the Credit Clock website and look for the big green “Get Started” button on the top right side of the page. Click the button!

Step 2: Complete the Application Form

Fill in your personal particulars, banking details, and loan requirements and then submit the form.

Step 3: Get Your Decision

There’s no need to wait around for an answer. Credit Clock will present you with a decision in as little as just two minutes! If you’re happy with the option, you will be transferred to the lender’s site, where they will help you finalize your loan contract. You will be provided with a contract – it’s important to read all terms and conditions and the entire contract before signing it and sending it back to the lender.

Step 4: Receive Your Loan

Once the agreement is signed and the lender is happy, your loan amount will be paid into your bank account. In most instances this takes around 60 minutes. If there is a delay, it won’t be longer than 24 hours.


While all of the above-mentioned platforms are excellent choices for acquiring short term loans, our top pick is Credit Clock for its efficiency, speed of approvals, and same day payouts. Choose a platform that’s right for you!

Request Your Short Term Loan at our Top Rated Provider – Credit Clock



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About Jayme Wium PRO INVESTOR

Jayme is a professional freelance writer specializing in personal finance, business, nutrition, botany and mental health. She has studied extensively in these fields and spends a considerable amount of her time creating content to help simplify complex concepts for the everyday person.


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